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HYDERABAD: Heritage Foods, a Hyderabad-based integrated retail company founded by the former chief minister of Andhar Pradesh Nara Chandra Babu Naidu, on Wednesday announced a decision to reward its shareholders with a bonus issue of shares in the ratio of one bonus share for every share of Rs 10 each held.

In a communique to stock exchanges, the company said its board that met on Wednesday has approved the bonus issue. Further, the company said its board has also approved a proposal to set up the second ice cream manufacturing plant at Mattam village in Chittoor district of AndhraPradesh.

For the first quart of the current fiscal ended June 2013, Heritage foods saw its consolidated profit grow by 74% at Rs 15 crore, while revenues grow by over 5% at Rs 436 crore. In the corresponding quarter of previous fiscal, the company reported revenue of Rs 414 crore and net profit of Rs 8 crore.

Heritage Foods shares on Wednesday closed at Rs 492.60, up by 0.8% on BSE on the day the exchange's bench mark Sensex closed at 19,948.73 points, up by 0.49%.